Today’s news from the US Bureau of Labor Statistics (BLS) reveals that total nonfarm employment rose by +336,000 in September on a seasonally adjusted basis. The leisure and hospitality industry experienced the largest gain, adding +96,000 jobs; followed by government, which added +73,000; and health and social assistance, which added +65,900 jobs. The unemployment rate remained unchanged from August at 3.8%.
While the temporary help services industry experienced a decline of -4,200 jobs month-over-month, this marked the slowest rate of decline since March, which saw -3,300 jobs lost. Temporary help employment remains similar to its 2019 levels and is -1.9% below its pre-pandemic all-time high of 3.001 million in October 2018.
Despite the slower loss of temporary work in the month of September, the industry continues to gradually decline from the pandemic era highs, indicating increased competitive pressures. However, rival staffing firms with competitive advantages in technology and service offerings may still find large opportunities ahead.